Can Form 8854 Asset 2023-2024

Welcome to the montage videos and today we're going to talk about expatriate taxation before we do that we're gonna first touch on who is montaj services we're a professional service organization made up of CPAs and lawyers who assist organizations worldwide we have offices here in San Francisco and Houston as well as in London Toronto and Germany the topic today expatriate taxation is one that applies primarily to us individuals who are living outside the United States the opposite of that is called inbound or in Patriot tax services and that is when foreigners come to the United States and live here and have to deal with our US tax system so today's topic is expatriates or US citizens or green card holders living outside the United States because of the u.s. system being a worldwide tax system once you move outside of the United States or reside outside of the US you still have to file and pay US taxes however our system has certain exemptions as well as tax relief so that there's not double tax paid one of those exclusions or exemption that is allowed for taxpayers who are living abroad is known as the foreign earned income exclusion the amount of that changes from year to year based on the pay scale of our military but right now it is approximately ninety thousand dollars so what that means is if a US citizen or green card holder is living outside the United States they will be able to deduct they have to report their total salary income but then deduct up to ninety thousand US dollars in order to arrive at their you taxable income base how do you qualify for this foreign earned income exclusion one of two ways the first way is...